EconomicsAt a price of $21 will the firm produce in the short run? If so, what is the profit or loss? Same questions as #1 except use a price of $34? Same questions as #1, except use a price of $45? From the information in the table, can you determine the short run supply curve? If so, what would it be? What would happen at the $45 price level in the long run, to profits, price, number of firms in the industry, assuming constant costs? ProductionTotalTotalProduct Fixed0SWNTO12345016IN7∞a8910Cost5050505050505050505050Totalvariablecost50 元 95|0|25| 45| 60 70|85105TotalCost13518024031575110120135130185230290365Average Averagefixed cost variable50502517.712.5108.337.146.255.555cost02522.52017.51717.519.222.526.6731.5Average MarginalTotal CostCost507547.536.66302721.6626.4228.7532.2236.5025|2015|10|15|20 30 45 60 75

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Economics

At a price of $21 will the firm produce in the short run? If so, what is the profit or loss?
Same questions as #1 except use a price of $34?
Same questions as #1, except use a price of $45?
From the information in the table, can you determine the short run supply curve? If so, what would it be? What would happen at the $45 price level in the long run, to profits, price, number of firms in the industry, assuming constant costs?

Production
Total
Total
Product Fixed
0
SWNTO
1
2
3
4
5
01
6
IN
7
∞a
8
9
10
Cost
50
50
50
50
50
50
50
50
50
50
50
Total
variable
cost
50 元 95
|0|25| 45| 60 70|
85
105
Total
Cost
135
180
240
315
75
110
120
135
130
185
230
290
365
Average Average
fixed cost variable
50
50
25
17.7
12.5
10
8.33
7.14
6.25
5.55
5
cost
0
25
22.5
20
17.5
17
17.5
19.2
22.5
26.67
31.5
Average Marginal
Total Cost
Cost
50
75
47.5
36.66
30
27
21.66
26.42
28.75
32.22
36.5
0
25
|2015|10|15|20 30 45 60 75

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Isnt the price to 2 and 3 34 and 45 respectively.

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